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Bristol-Myers Raises Forecast as Revenue Exceeds Estimates

Bristol-Myers Squibb Co., whose best-selling blood thinner Plavix faces generic competition next year, raised its 2011 profit forecast after second-quarter sales of nine of its 10 top drugs exceeded analysts’ estimates.

The New York-based company raised its forecast, excluding certain items, by 10 cents to a range of $2.20 to $2.30 a share, compared with a $2.21 average estimate of 18 analysts surveyed by Bloomberg. Second-quarter revenue jumped 14 percent to $5.43 billion, topping the $5.05 billion average estimate of 13 analysts surveyed by Bloomberg.